Foreign Trade Policy By Six Months:
The Union Commerce Ministry announced the extension of the existing foreign trade policy by six months.
- The reason behind the development is currency volatility and global uncertainty.
- The ministry said, the geo-political situation is not suitable for long-term foreign trade policy.
- Earlier, the government had extended the due date for the Foreign Trade Policy 2015-20 to September 30, 2022. Currently, fears of a recession in major economies like the US and Europe have escalated a panic among investors.
- Foreign Trade Policy provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country.
- It focuses to support both the manufacturing and services sectors, with a special emphasis on improving the ease of doing business.
- Earlier this month, Commerce Minister Piyush Goyal held a meeting that focused on export target setting, the new Foreign Trade Policy (FTP) (2022-27), and the strategies and measures to take forward domestic manufacturing and exports.